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. they are noted for the anti-tax plans. our panel of journalists, steven sloan from politico and russell berman from "the hill" >> thank you for being here. i want to talk about your interpretation of the election and what it means for the direction of tax policy. >> we had a split decision appeared the president won by two points. he won by 7.2 years ago against a war hero. he and 9 million fewer votes. he is a lame duck now. he said he was interested in raising taxes a year from now on anyone. his physician from four years ago was that they would not raise taxes on anyone. he was very clear and no taxes if you made less than $250,000. this year august 8, he started with a new framework. my plan is that i will not raise taxes on anyone who earns less than $250,000 a year. his only promising -- he is only promising not to raise income taxes. this is not include energy taxes. is only promising to protect income taxes for one year. at the end of the year, he has promised the middle-class nothing. you have one guy says he will raise taxes on the rich people to get you ready for everybody else pick
. we are joined by kathy kiely. later, a discussion about tax rates and which tax cuts are expected to expire at the end of the year. lindy paul is our guest. "washington journal" host: [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> our guest is grover norquist. president of americans for tax reform. plans. our panel of journalists, steven sloan from "politico" and russell berman from "the hill." >> thank you for being here. i want to talk about your interpretation of the election and what it means for the direction of tax policy. >> we had a split decision appeared the president won by two points. he won by 7.2 years ago against a war hero. he had 9 million fewer votes. he is a lame duck now. he said he was interested in raising taxes a year from now on anyone. his physician from four years -- position from four years ago was that they would not raise taxes on anyone. he was very clear and no taxes if you made less than $250,000. this year august 8, he started with a new framework. my plan is that i will not raise
a lame- duck session? guest: the biggest hunk of things at stake are tax changes. those are individual tax rates, tax breaks for businesses at stake. the alternative minimum tax that could hit more middle income families. and then these mandated spending cuts that the budget control act put in place, those are called the sequester. those would have the federal government spending across a bunch of different things like health care spending, biomedical research, education. and the other half of that would hit defense. host: the rest of the world is waking up to it. the front page of usa today says -- we are facing a real cliff hanger. take a store with the fiscal cliff is. guest: it is all these different things, a lot of consumers face. one thing i thought was right about that usa today story is that it lays out how it will affect consumers. and about 90% of all americans could face potential increases in their tax bills. that could be everything from the payroll tax holiday expiring and seeing as paychecks go up. to seeing your individual tax in it, rate go up. and so these are a lot
-the-board tax hikes and spending cuts over the next decade mandated to begin in january. it's the legislative equivalent of a slow motion train wreck that washington can avoid. the question? will congress and the president drive that train over a cliff? >> we won't solve the problem of our fiscal imbalance overnight. >> the elections are over. the threats to our economy are not. time to get to work. and there is lots of work to be done. it starts with averting this disaster of our own making. i repeat that. the fiscal cliff. we've got it covered from all angles as only cnn can. christine romans is host of cnn's "your bottom line." david walker spent a decade overseeing the federal government, how it spends your tax dollars as the u.s. comptroller general. today he's the ceo of comeback america and he's a deficit hawk. the ceo of pimco. hisfirm is one of the largest investors of bonds, and steve moore is a conservative, founder of club for growth and a writer at the wall street journal. i'm going to start with you, steven, my good friend. the fiscal cliff is an immediate threat. both parties n
. no. 4, ordinance amending the san francisco business and tax regulation code article 12a by amending section 906.5 to priest the payroll expense tax exclusion for small business net new payroll for years 2012 through 2015 from terminating in event that the voters of the city and county of san francisco pass a gross receipts tax. >> thank you victor. we have legislationoff aide to supervisor farrell, catheryn stephanie, welcome. >> good morning, supervisors, cathery stephanie, lengthiest aide to supervisor farrell. what have you before you is clean-up legislationings that follows our payroll tax exclusion legislation that was drafted before the gross receipts ballot language was finalized and submitted. so it was originally drafted and legislation will actually terminate upon passage of the gross receipts tax prior to the end of 2012. of course that is assuming that proposition e does pass on november 6th. this legislation before you amends it, so it no it longer terminates november 6th and allows the exemption to remain in effect for tax years 2012-2015. if the gross receipts tax
before we fall off the cliff 52 days from now. what if they're arguing about the difference between tax loopholes and marginal tax rates. that's the debate. >> you mark my words. there's no way that the entire tax hike would be allowed to take place. no way. in terms of investment strategy, it is ridiculous that we'll be facing this. why all of the bickering when it equates to just one quarter of 1% of gdp. all right, supply side art mentor will join us to discuss. >>> also tonight, a shocker, david petraeus quits in disgrace or was he forced out just days before he was to testify in front of congress over the benghazi embassy terror attack. will we ever get the real answers? was the threat of blackmail behind this? >> we begin this evening with the president pushing congress to come together right now and solve the fiscal cliff mess. let's give peace a chance. >> cnbc's chief washington correspondent john harwood joins us now with the details. good evening, john. >> reporter: good evening, larry. the white house threat toned veto any legislation extending those top-level bush tax rates
for higher taxes. voters in california chooses to increase their own taxes over the threats from the governor to shorten the school year. we should make it shorter to save taxpayers money everywhere. i am cheryl casone. we have tracey and john and wapeand julian. and tracey. john, you say shorten the school year before raising taxes. what is the problem? >> you know me. i am all about the kids. i am all about the taxpayers, too. we know that public schools have been a failure and short of privatizing them, best thing to do cut them 25 percent. that would be a good start. not only help the kids but improve their education and help the taxpayers who wouldn't be forced to continue to participate in a failing system. >> tracey is all about the kids. yawn thon -- johnathon. >> watch out big bird. i can't believe we are talking about imposing on our children the gross mistakes the adults have made. the education system is not a total failure. there are definitely issues with it but the choice of putting a kid in the classroom or letting them in the street and getting arrested. and that is it a no b
story. president obama just moments ago putting more pressure on congress to extend tax cuts for the middle class. it's the president's first public comment sin winning re-election. the president urged leaders to take action on the areas where they agree and find compromise where they cannot or can't find common ground. >> i'm not wedded to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges, but i refuse to accept any approach that isn't balanced. >> we also learned today just in the past few hours the president has invited leaders from both parties to the white house next week to start negotiations. despite talk of wanting to work together, both sides have drawn some lines in the sand when it comes to taxes. house speaker john boehner earlier today said it's possible to get the nation's financial house in order without tax increases. >> i don't want to box myself in, and i don't want to box anybody else in. i think it's important for us to come to an agreement with the president, and by
than $600 billion in tax increases and automatic spending cuts. in addition the president has been reelected. obamacare, the president's controversial health care law one of the fully implemented. ceos all across the country are coming out warning of the w's impact on their business. as a result, threatening massive layoffs. joining me now, former commerce secretary under president george of the bush. great to have you on the show, sir. let's start with this meeting the president is calling with union leaders, business leaders. what can they do that congress cannot? >> well, the problem is that th can't do muc because the brush of taxes ad the rise of regulations that are being thrown at businesses, th only thing they can do is defend themselves from em, but i don't think they can reach in a gramith labor to say that we are not going to a reduced the size of our rkforce even though we are not trying to make profits because of obamacare. everyone is criticizing apple bees, but we forget that the purpose of business is tmake a profit. gerri: and just to make a point here, applebees,
after the election . taxes are going for individuals and businesses. do they dump the people on medicare and you will see another thing happen, fewer full-time yobs and not catching up in obamacare. >> rick unger, it is not just businesss and folks of businesses making over $150,000.ine those making $50,000 or more it will cost them money . it is going to cost and maybe it is good in the long run but it costs. >> the arguments remind me what we heard in the 60s when fica taxes were doubled to pay for medicare . we survived. you would not imagine calls i have had business owners and cancer survivors it is going to survive and now the law of the land. we'll talk about it in three years and not going to cost a yob. jobs are going to grow. >> is this a rick unger. are you willing to put money on the bet? >> i am absolutely willing to put my money on it >> mike, in fact they put together a list of people who are going to be affected from different income. it will cost you if you are making $50,000 and $75,000 it is $1600. not just the rich and business owners that pay this. >> no, why is the
? not that just they go up and taxes go up because i think they are, but what he left open today in the east room is how far they go up and when they go up. it could be a return of the olive branch first offered by spaker boehner. who am i to say? this much i will say kicking things off tonight. there is the makings of a deal here, an agreement in the political posturing and theater that is famous in washington. each side trying to very carefully dance off the cliff withou looking like it produced the disaster. there is, in the president' remarks today and boehner's yesterday, the inkling of an overture on each side, now, how much of one? with 52 days left to go, how real? rich edson in washington reading between the lines. what do you think, rich >> well, neil, there's plenty of space. ere's not that many details discussed. neither side says they want to box the other in the corner beginning negotiations. president obama, though, made it fairly clear he wants taxes to go up on wealthier taxpayers saying after the election, he was re-elected, democrats back in the senate, and the message in the c
about what we need to do with taxes in this country. here is the president. >> i am open to compromise. i am open to new ideas. i am committed to solving our fiscal challenges. but i refuse to accept any approach that is not balanced. i am not going to ask students and seniors and middle-class families to pay down the entire deficit while people like me, making over $250,000 are not asked to pay a dime more in taxes. [applause] gerri: chris, jay carney comes out a few minutes later and he says, well, the president says he will raise taxes on wealthy. so where is the compromise? >> the hope is that the compromise lies in a broader reform. but as you know, this comes down to chime in. you have the fiscal cliff. what democrats want to do really -- what they want to do is use this moment with maximal pressure to force through a deal on taxes that allows the 250,000 and above grateful backup to the clinton rate and then push through a long-term extension for everything under that. now, you also have the sequestration cuts for programs and kick it forward six months and try to make it part o
taxes to immigration. tuesday was a good day for democrats, but not always for unions, big labor suffered some big losses on ballot measures across the country and we'll tell you where, but first, i'm joined by wall street columnist, peggy noonan, why do you think that mitt romney lost? >> i think that already we know some of the usual suspects even days after the election, the get out the vote effort on the democratic side was, appears to have been a master piece that will probably have impact on national elections going into the future. republicans have a lot to learn there. and there have been demographic changes in america. at the end of the day, i think my surprise about the election was that it was not so close in a way everybody was thinking we'd be up until four in the morning or counting ohio votes for two weeks. that didn't happen. this was a solid win for the president and i think the republican party has much to think about here going into the future. >> paul: thinking is always good. and maybe a step back and give at least some time to think. you wrote in the column,
. >>> plus a report says tax hikes on the wealthy won't kill economic growth. you have to check that math. one of the biggest supporters of taxing the rich is here to disagree with me. >>> west gait resorts ceo threatens layoffs if president obama was reelected. now he is singing a very different tune. you won't belief what he really did. david siegel joins me to explain why. even when they say it's not it is always about money. melissa: and first, let's take a look at the day's market headlines. stocks squeaked out small gains following their biggest two-day decline for the year. concerns about the fiscal cliff still lingering but better than expected consumer sentiment gave a little optimism to investors. the dow closed up four points. groupon's shares nosedived more than 30% today. the daily deal site reported disappoint earnings on both of top and bottom line. the stock is down more than 86% from its $20 a share ipo price. >>> shares of kayak soared close to 28%. priceline.com announced it will acquire the on line travel site for $1.8 billion. it is their lucky day. >>> let the ration
the senate and the white house and making it clear, tax hikes on those making about $250,000 are coming. the market thinks we are driving right over that fiscal cliff. take a look. since election day the major averages are down at least 5%. the dow, nasdaq, as and become even the russell 2000, small-cap stocks dropping sharply. so, where republicans go from here? we will hear from one congressman coming up. for now, joining us, we have met he declared from americans for tax reform, the group that has played a big part in shaping gop attitude toward tax policy. thanks for coming in the show. we have a lot of really surprising headlines tonight, but i want to start with this idea that the fiscal cliff is something, this is what the democrats are saying, that this is up to the president and the democrats. they say were not going to give the gop of voice. our way or the highway. and of the president starts every speech saying out compromise, but the ins in a totally different way. have you read this? >> it's interesting that you have democrats, leftists saying that they somehow have a manda
says, well, the president says he will raise taxes on wealthy. so where is the compromise? >> the hope is that the compromise lies in a broader reform. but as you know, this mes down to chime in. you have the fiscal cliff. what democrats want to do really -- what they want to do is use this moment with maximal pressure to force through a deal on taxes that allows the 250,000 and above grateful backup to the clinton rate and then push through a long-term extension for everything under that. now, you also have the sequestration cuts for programs and kick it forward six months and try to make it part of his bigger broader plan. gerri: republicans want to do is fix some of these loopholes that make the tax code so poplar as far as does lycos. >> you get more revenue because you are simplifying th code. the economy gets a boost, but maybe you cannot deductions for upper income folks. maybe they do end up paying a little bit more. the president still makes me sound out like he is talking about race -- rates. gerri: if he wants to raise taxes, so be it, it will put us into a recession. and th
president obama was signaling today at his press conference that only a hike in the top bush tax rates will keep us off the fiscal cliff. by the way, that signal cost stocks 185 points on the dow. and because those tax hikes not only threaten future economic growth, they also include big penalties on capital gains, dividends and other forms of investment. plus, get this. the president wants a $1.6 trillion tax hike over the next decade. itself, a horrific number and begs the question, what is the government going to do with all our money? >>> and have you seen this video? in response to weeks of rocket attacks, israel gets their man with this missile attack on the military leader of hamas. now, israel is launching a full-scale ground attack on the hamas terrorists which are backed by iran, of course. by the way, this is all happening while we have no cia director here at home. >>> first up today, in his first news conference since being re-elected, president obama, with rhetoric sometimes reminiscent of his tax-the-rich campaign mantra, he appeared to dig in his heels on extending tax
have one in my home -- you pay on average with taxes in the u.s., $160. in france, you pay $38 u.s., and you get worldwide calling to 70 countries, not just the u.s. and canada you get worldwide television, not just domestic, and your internet is 20 times faster uploading and ten times faster downloading, and you're paying less than 25 cents on the dollar. all these other countries understand, fundamental principle in the 19th century, canals and railroads were the key to economic growth as industrialization came along and you had to move heavy things like steel. as the 20th century came along it was highways, interstate highway program, for example, and airports that were crucial to economic growth. now it's the information super highway. and what does the industry say? don't call it that. the rest of the world -- >> did they literally say that. >> guest: i was told by the pr person at verizon that was not used anymore. that's the only company that actually has fiberoptic to your home. at&t has fiberoptic down the street but not to your home. but the companies are not wiring the
when they weaken the law school graduate school of business property tax in one class, business regulation the other. everything in the lot today pretty much isn't hammurabi's code and social experience to business regulation to rule some loan, two defenses for white-collar crimes. these fonts were developed out of thousands of years of experience. what we're seeing now is corporations for a vitally i'm doing thousands of years of human experience to their benefit but the overall economy. >> is there a solution with the state budget nature? shebang may be around the paid more? to the lobby restrictions be greater? >> guest: well, this is a really difficult problem. it strikes me as an solutions we should have an active discussion about his public finance lectures, may turn out in comments thrown out. the constitution gives you a right to lobby. the first amendment says petition does not require any response. everybody accepts the petition. i do think the lobby and in the state capitals and washington is that the founders had in mind because the company with campaign contribution
support for the president's tax plan. the president meets with labor leaders as well as top ex-executives. they believe the president could use his momentum from his reelection to try to get support for his tax plan and also to pressure republicans to increase taxes on upper income earners. >>> one florida congressional race is up for recount. it was in the race between republican allen west and patrick murphy. the initial report showed it was lost by just 25 votes. they agreed to a partial recount because of problems with the early ballots. folks are thanking military veterans for their service and their sacrifices. >> new york city people lining the streets from the annual veteran's parade. celebrations to collect donations for super storm sandy victims. a more somber event in arlington, virginia. that's where president obama laid a wreath at the tovsh of the unknown. marking a major milestone at the vietnam memorial at washington, d.c. this year is the 30th anniversary of that war. >> in california, california veterans erecting a war memorial cross in the mojave desert. afte
pizza. 48 days until the biggest tax hike in the history of the planet earth. president obama put labor and local interest groups to who knows what. senate minority leader had the perfect response on the senate floor today please take a lis ebb. >> the amount of revenue that they are prepared to put usual over the cliff over wouldn't fund the government for one week. so why in the world would we want to do that? what is the point? to make people feel good about whacking somebody else. >> so what is your answer to what mitch mcconnel said? go after rich people. why do it at all? >> it is good to be with you. i think that the minority leader seems to have a math problem. ending the tax cuts for the rich is worth $1 trillion. i think our government spends a little less than $1 trillion. most people think it is $800 billion. this is a ten-year number. you are $80 billion a year. and this is a outside reach. a lot of guys like myself think you are not going to get it. let me ask you this, david, we have a weak economy, i know jobs are growing but they are growing weekly. what sense does it m
, calling for $1.6 trillion, in new tax revenues. probably not what businesses want to hear. will this doubling down derail a deal on the fiscal cliff? >> plus a salary that is as good as gold. one montana lawmaker is demanding to get paid in gold coins. he is here to explain why in a fox business exclusive. >>> screw market prices. one gas station charges $3 more. $3 more per gallon than his nearby competitors. and it is is making a killing. the strategy is far more widespread than you might think. we have details on that coming up. even when they say it's not, it is always about money. melissa: all right. first the day's market headlines. a bad day for stocks just keeps getting worse. a news conference by president obama only amplified fears about the fiscal cliff and down to a 4-month low down 185 points. banks of america led the slide, closing down more than 3 1/2%. one bright spot, cisco shares surged 5% on an earnings beat. >>> now to our top story, president obama may be a betting man because he is trying to double down on how much tax revenue will be raised as part o
that are involved in the cliff. >> it seems so silly and petty to fight over taxes, but i have to say i have been optimistic the last few days hearing from both sides. you have to say that both sides seem ready to deal. >> i think that's the right way to go. not to push the tax rate up, but to raise revenue by broadening the tax base by putting an overall limit, an overall cap on the extent to which individuals can benefit from these tax expenditures. >> i actually think all of those comments are promising and i think the path that marty has suggested is one reasonable path that needs to be considered. my concern is that the fiscal cliff involves those tax rates that's for the top 250,000 a year and higher. and that's where you have the biggest cleavage between the right wing and the left wing with some people on the left saying we should do the fiscal, we should basically go over the cliff if we cannot raise those rates and others on the republican side saying that is the last thing we will do. i think we may have to essentially get through the kind of temporary extension arrangement, which gets
. compromise is hard. lou: more than a trillion and a half in tax hikes, no spending cuts. what's the deal? that's tonight's chalk talk. with leaders descending on the white house to persuade the president to be pro-business, the ceo of a restaurant chain carl's jr. and hardy's does not think the president is listening. next. 4g lte is the fastest. so, which supeast 4g lte service would yochoose, based on this chart ? don't rush into it, i'm not looking for the fastest answer. obviously verizon. okay, i have a different chart. going that way, does that make a difference ? look at verizon. it's so much more than the other ones. so what if we just changed the format altogether ? isn't that the exact same thing ? it's pretty clear. still sticking with verizon. verizon. more 4g lte coverage than all other networks combined. ♪ lou: president obama today meeting with some of the country's top business leaders. will a second terbe more friendly to corporate america? carl's jr. and hardee's ceo giving us his perspective here in just a moment. in the moneyline tonight, president obama made it cle
economy and higher taxes a bad cocktail. , promised a new era but that reminds me of groundhog's day. it is great to have my guess here. the perfect do well to talk monday morning quarterback. yourself awful the president today actually calling on boehner and harry reid to say we have to come together. we could have seen more of that from the first administrations that he is doing it now. what are the odds they get together? >> everyboby hopes they are high but you want to avoid the high stakes game of chicken and during the lame duck session. that could have been. but his willingness to meet with mitt romney and boehner to resolve the situation. but if you heard voters press conference he sounds like he is the same position under no circumstances will taxes ever be raised. gerr he sad the reelection of the president is not a mandate to ise taxes. this is a huge debate. can hey come together? >> i elieve we can seize the futre together. we're not as divided as our politics suggest as cynical as the pundits believe that greater than the sum and we will remain more than a collection of
of the fiscal cliff. that is this series of tax increases and budget cuts that take effect in january if congress does not act. the president addressed an audience from the white house east room. [captions copyright national cable satellite corp. 2012] [captioning performed by national captioning institute] >> ladies and gentlemen, the president and the vice president of the united states. [cheers and applause] >> thank you. thank you. thank you, everybody. thank you. thank you very much. thank you. thank you very much. everybody, please have a seat. thank you. good afternoon, everybody. now that those of us on the campaign trail have had a chance to get a little sleep, it is time to get back to work, and there's plenty of work to do. as i said on tuesday night, the american people voted for action, not politics as usual. you elected us to focus on your jobs, not ours. in that spirit, i have invited leaders of both parties to the white house next week so we can start to build consensus around the challenges that we can only solve together. i also intend to bring in business and labor
on higher taxes. a wave of new protests swept through europe. governments have already failed their people. that is the choice we face tonight. either our elected officials bring order to our economy, or there wouldn't be any economy to worry about. as the president spoke today, the markets took a dive down 185 points. the dow jones is down nearly 700 points in the last six trading days since president obama was reelected. the nasdaq in a correction of nearly two thirds of the market also and correction teitory. it down more than 10% from recent highs. the markets seem to think that we have had over the fiscal cliff. what did people haveo say to have the pow to stop it? let's ask republican congressman tim huelskamp. welcome to the show, congressman. we definitely want to talk to you about the president's speech today. he said he is ready for compromise. here is the president. >> i am open to compromise and i'm open to new ideas. i have been encouraged over the past week your republican after republican to agree on the need for more revenue from the wealthiest americans as part of our arit
claiming that the election gave him a mandate on taxing the rich. this is how it was reported in this morning's "new york daily news." they write "president obama claimed an election mandate to make the rich pay more in taxes, saying it is the will of the american people, making his first public appearance since his victory. obama said he would open talks with republicans next week on how to prevent painful tax hikes and budget cuts set to automatically take place effective january 1." we want to find out from you, your thoughts on the president's statement claiming that the election gave him the mandate or gives him a mandate on taxing the rich, agree or disagree. we've divided the phones in a little bit of a different manner this morning. 202-585-3880 for those making over $250,000 a year. if you're making between $100,000 and $250,000 a year, your number is 202-585-3881. if you make between $50,000 a year and $100,000 a year, your number is 202-585-3882. and if you're making under $50,000 a year, give us a call at 202-585-3883. we'll have those numbers up on the screen. bas
have problems. >>neil: read 'em and leap. taxes will go up. and up a lot. speaker boehner says revenues are on the table but we have news for him, when it comes to hiking the taxes, democrats do plan to run the table reportedly not keen on a republican plan to only close loopholes that curb deductions to raise revenue. and democratic leaders expect that and a rate increase, a move that could conceivably send the top rate closer to 45 percent tan the 40 percent they talking about now. when you throw in added surtaxes to pay for health care, the "wall street journal" reporter says you could be look at 50 percent top rate. or more. here we go. >>reporter: that is true if the live in the state of california or someone like you would works, why know if you live in new york but you work in new york and the tax rates in new york city could go do 50 percent and california as high as 52 percent, we have not seen rates that high since the 1970's. >>neil: leave aside what will happen on health care people forget this is a lot more than just returning to the clinton top rate of 39.6 percent. it is
Search Results 0 to 49 of about 2,138 (some duplicates have been removed)